Bitcoin price rises for the first time in 3 weeks

Bitcoin (BTC) price has risen back above the 11,000 USD (9,840 EUR) resistance, for the first time in 21 days and turned the altcoin markets all in the green as a result. The price of the world’s largest cryptocurrency by market cap, has once more jumped after regaining the lost ground in July when it endured major plunges with its price below 10K USD.

Yesterday, Sunday August 4, BTC climbed above 11,000 USD. Initially, its price stalled and then retested the 10,600 USD level on August 4. Following this, BTC saw a price breakout, sending it above the 11,000 USD level. 

As a result of Bitcoin’s spectacular recovery, other major names in the altcoin markets are flashing green today with Ethereum (ETH), TRON (TRX) and Tezos are all up by between 1.7% and 4%, respectively.

To be precise, the total market capitalization of all cryptocurrencies combined rose by more than 9 billion USD over a 24-hour period, marking another consecutive day in the green and spurring on the possibility for a continuation in BTC’s price.

Many crypto investors and traders have cited that the short-term outlook favours the bulls for now, given that the weekly close has resulted in a notable bullish engulfing candle with eyes set on weekly resistances at both 11,400 USD and 11,880 USD respectively.